CapStar Financial Holdings, Inc. Announces First Quarter 2017 Results
April 26 2017 - 5:36PM
CapStar Financial Holdings, Inc. (“CapStar”)
(NASDAQ:CSTR) reported net income of $0.3 million, or $0.03 per
share on a fully diluted basis for the three months ended March 31,
2017, compared to $1.6 million, or $0.15 per share on a fully
diluted basis for the three months ended March 31, 2016.
Fully diluted earnings per share were impacted by $0.18 per share
during the first quarter due to credit related issues.
“While we are disappointed with the increase in nonperforming
loans and net charge-offs during the first quarter, we are pleased
with another strong quarter of loan and core deposit growth,” said
Claire W Tucker, President and Chief Executive Officer of CapStar.
“The changes in these credit metrics are a result of two borrowers
that have been on our radar screen and classified for some time,
“said Tucker. “We continue to believe the credit infrastructure and
risk management systems we have in place will satisfactorily
support our operations and will allow us to achieve our goal of
delivering sound, profitable growth for our shareholders. We remain
confident that overall asset quality remains solid, growth
continues at a robust pace, and we are committed to delivering the
profitability that will help us achieve our goal of 1.0% ROAA by
the end of 2018.”
Soundness
- The allowance for loan and lease losses represented 1.39% of
total loans at March 31, 2017 compared to 1.23% at March 31,
2016.
- Non-performing assets as a percent of total loans and other
real estate owned was 1.36% at March 31, 2017 compared to 0.67% at
March 31, 2016.
- Annualized net charge-offs totaled 0.43% for the three months
ended March 31, 2017 compared to 0.38% for the same period in
2016.
- The total risk based capital ratio increased to 12.13% at March
31, 2017 compared to 11.26% at March 31, 2016.
Profitability
- Return on average assets ("ROAA") for the three months ended
March 31, 2017 was 0.10% compared to 0.54% for the same period in
2016.
- Return on average equity ("ROAE") for the three months ended
March 31, 2017 was 0.95% compared to 5.75% for the same period in
2016.
- The net interest margin (“NIM”) for the three months ended
March 31, 2017 was 3.12% compared to 3.18% for the same period in
2016.
- The efficiency ratio for the three months ended March 31, 2017
was 69.4% compared to 70.7% for the same period in 2016.
“Although our margin was impacted by the increase in nonaccrual
loans, our profitability roadmap is dependent on expanding existing
and acquiring new relationships, which drives our loan and core
deposit growth,” said Rob Anderson, chief financial officer and
chief administrative officer of CapStar. “While we typically
lead with a loan opportunity, we continue to achieve success in
obtaining the operating accounts and providing treasury management
services to our commercial clients, as we focus on becoming their
primary bank.”
Growth
- Average gross loans and leases for the quarter ended March 31,
2017 increased 19%, to $974 million, compared to $822 million for
the same period in 2016.
- Average total deposits for the quarter ended March 31, 2017
increased 11.0%, to $1.1 billion, compared to $1.0 billion for the
same period in 2016.
- Average Demand and NOW deposits for the quarter ended March 31,
2017 increased 38%, to $541 million, compared to $393 million for
the same period in 2016.
- Mortgage loan originations increased 10%, to $93 million for
the three months ended March 31, 2017 compared to $85 million for
the same period in 2016.
Conference Call and Webcast Information
CapStar will host a conference call and webcast at 9:00 a.m.
Central Time on Thursday, April 27, 2017. During the call,
management will review the first quarter results and operational
highlights. Interested parties may listen to the call by
dialing (844) 412-1002. The conference ID number is 6970312.
A simultaneous webcast may be accessed on CapStar’s website
at www.capstarbank.com. An archived version of the
webcast will be available in the same location shortly after the
live call has ended.
About CapStar Financial Holdings, Inc.
CapStar Financial Holdings, Inc. is a bank holding company
headquartered in Nashville, Tennessee, and operates primarily
through its wholly owned subsidiary, CapStar Bank, a
Tennessee-chartered state bank. CapStar Bank is a commercial
bank that seeks to establish and maintain comprehensive
relationships with its clients by delivering customized and
creative banking solutions and superior client service. As of
March 31, 2017, on a consolidated basis, CapStar had total assets
of $1.4 billion, gross loans of $1.0 billion, total deposits of
$1.2 billion, and shareholders’ equity of $140.2 million.
Visit www.capstarbank.com for more information.
Forward-Looking Statements
Certain statements in this earnings release are forward-looking
statements that reflect CapStar’s current views with respect to,
among other things, future events and CapStar’s financial and
operational performance. These statements are often, but not
always, made through the use of words or phrases such as “may,”
“should,” “could,” “predict,” “potential,” “believe,” “will likely
result,” “expect,” “continue,” “will,” “anticipate,” “seek,”
“aspire,” “achieve,” “estimate,” “intend,” “plan,” “project,”
“projection,” “forecast,” “roadmap”, “goal,” “target,” “would,” and
“outlook,” or the negative version of those words or other
comparable words of a future or forward-looking nature. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates and projections about CapStar’s
industry, management’s beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond CapStar’s control. The inclusion of these
forward-looking statements should not be regarded as a
representation by CapStar or any other person that such
expectations, estimates and projections will be achieved.
Accordingly, CapStar cautions you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although CapStar believes that the expectations reflected
in these forward-looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause CapStar’s
actual results to differ materially from those indicated in these
forward-looking statements, including, but not limited to, any
factors identified in this earnings release as well as those
factors that are detailed from time to time in CapStar’s periodic
and current reports filed with the Securities and Exchange
Commission, including those factors included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2016
under the heading “Item 1A. Risk Factors” and in the Company’s
Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. If one or more events related to these or other risks or
uncertainties materialize, or if CapStar’s underlying assumptions
prove to be incorrect, actual results may differ materially from
our forward-looking statements. Accordingly, you should not place
undue reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date of this
earnings release, and CapStar does not undertake any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law. New risks and uncertainties may emerge
from time to time, and it is not possible for CapStar to predict
their occurrence or how they will affect CapStar.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYConsolidated Statements of Income
(unaudited)First Quarter 2017 Earnings
Release |
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2017 |
|
|
2016 |
|
Interest income: |
|
|
|
|
|
|
|
|
Loans,
including fees |
|
$ |
10,466,758 |
|
|
$ |
9,268,272 |
|
Securities: |
|
|
|
|
|
|
|
|
Taxable |
|
|
1,002,896 |
|
|
|
898,038 |
|
Tax-exempt |
|
|
325,916 |
|
|
|
282,244 |
|
Federal
funds sold |
|
|
2,305 |
|
|
|
4,138 |
|
Restricted equity securities |
|
|
76,286 |
|
|
|
69,108 |
|
Interest-bearing deposits in financial institutions |
|
|
104,791 |
|
|
|
76,378 |
|
Total interest income |
|
|
11,978,952 |
|
|
|
10,598,178 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
617,466 |
|
|
|
301,633 |
|
Savings
and money market accounts |
|
|
815,092 |
|
|
|
731,702 |
|
Time
deposits |
|
|
470,645 |
|
|
|
514,445 |
|
Federal
funds purchased |
|
|
3,910 |
|
|
|
2,083 |
|
Securities sold under agreements to repurchase |
|
|
— |
|
|
|
1,311 |
|
Federal
Home Loan Bank advances |
|
|
140,259 |
|
|
|
90,728 |
|
Total
interest expense |
|
|
2,047,372 |
|
|
|
1,641,902 |
|
Net
interest income |
|
|
9,931,580 |
|
|
|
8,956,276 |
|
Provision for loan and
lease losses |
|
|
3,404,799 |
|
|
|
937,216 |
|
Net
interest income after provision for loan and lease losses |
|
|
6,526,781 |
|
|
|
8,019,060 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
328,585 |
|
|
|
225,427 |
|
Loan
commitment fees |
|
|
236,274 |
|
|
|
430,122 |
|
Net gain
(loss) on sale of securities |
|
|
(6,229 |
) |
|
|
38,961 |
|
Mortgage
banking income |
|
|
1,216,362 |
|
|
|
1,347,452 |
|
Other
noninterest income |
|
|
358,554 |
|
|
|
328,810 |
|
Total
noninterest income |
|
|
2,133,546 |
|
|
|
2,370,772 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
5,086,451 |
|
|
|
5,217,755 |
|
Data
processing and software |
|
|
620,508 |
|
|
|
568,477 |
|
Professional fees |
|
|
364,553 |
|
|
|
330,738 |
|
Occupancy |
|
|
448,798 |
|
|
|
409,881 |
|
Equipment |
|
|
496,196 |
|
|
|
406,571 |
|
Regulatory fees |
|
|
307,060 |
|
|
|
227,260 |
|
Other
operating |
|
|
1,051,871 |
|
|
|
849,059 |
|
Total
noninterest expense |
|
|
8,375,437 |
|
|
|
8,009,741 |
|
Income
before income taxes |
|
|
284,890 |
|
|
|
2,380,091 |
|
Income tax (benefit)
expense |
|
|
(47,168 |
) |
|
|
796,245 |
|
Net
income |
|
$ |
332,058 |
|
|
$ |
1,583,846 |
|
Per share
information: |
|
|
|
|
|
|
|
|
Basic net
income per share of common stock |
|
$ |
0.03 |
|
|
$ |
0.18 |
|
Diluted
net income per share of common stock |
|
$ |
0.03 |
|
|
$ |
0.15 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
11,210,948 |
|
|
|
8,628,683 |
|
Diluted |
|
|
12,784,117 |
|
|
|
10,572,193 |
|
|
This information is preliminary and based on company data available
at the time of the presentation. |
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYSelected Quarterly Financial Data
(unaudited)First Quarter 2017 Earnings
Release |
|
|
Five Quarter
Comparison |
|
|
|
3/31/17 |
|
|
12/31/16 |
|
|
9/30/16 |
|
|
6/30/16 |
|
|
3/31/16 |
|
Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
9,931,580 |
|
|
$ |
10,180,273 |
|
|
$ |
10,125,515 |
|
|
$ |
9,201,155 |
|
|
$ |
8,956,275 |
|
Provision
for loan and lease losses |
|
|
3,404,799 |
|
|
|
69,884 |
|
|
|
1,638,669 |
|
|
|
182,863 |
|
|
|
937,216 |
|
Net
interest income after provision for loan and lease losses |
|
|
6,526,781 |
|
|
|
10,110,389 |
|
|
|
8,486,845 |
|
|
|
9,018,292 |
|
|
|
8,019,059 |
|
Service
charges on deposit accounts |
|
|
328,585 |
|
|
|
302,831 |
|
|
|
276,751 |
|
|
|
303,144 |
|
|
|
225,427 |
|
Loan
commitment fees |
|
|
236,274 |
|
|
|
217,042 |
|
|
|
328,785 |
|
|
|
142,618 |
|
|
|
430,122 |
|
Net gain
(loss) on sale of securities |
|
|
(6,229 |
) |
|
|
— |
|
|
|
(3,964 |
) |
|
|
85,876 |
|
|
|
38,961 |
|
Mortgage
banking income |
|
|
1,216,362 |
|
|
|
2,033,459 |
|
|
|
2,339,310 |
|
|
|
1,654,843 |
|
|
|
1,347,452 |
|
Other
noninterest income |
|
|
358,554 |
|
|
|
400,690 |
|
|
|
250,582 |
|
|
|
381,711 |
|
|
|
328,809 |
|
Total
noninterest income |
|
|
2,133,546 |
|
|
|
2,954,021 |
|
|
|
3,191,463 |
|
|
|
2,568,192 |
|
|
|
2,370,772 |
|
Salaries
and employee benefits |
|
|
5,086,451 |
|
|
|
5,185,016 |
|
|
|
5,119,356 |
|
|
|
4,938,383 |
|
|
|
5,217,755 |
|
Data
processing and software |
|
|
620,508 |
|
|
|
542,300 |
|
|
|
627,335 |
|
|
|
634,742 |
|
|
|
568,477 |
|
Professional fees |
|
|
364,553 |
|
|
|
405,947 |
|
|
|
390,862 |
|
|
|
426,132 |
|
|
|
330,738 |
|
Occupancy |
|
|
448,798 |
|
|
|
365,741 |
|
|
|
351,691 |
|
|
|
371,092 |
|
|
|
409,881 |
|
Equipment |
|
|
496,196 |
|
|
|
442,547 |
|
|
|
458,053 |
|
|
|
436,168 |
|
|
|
406,571 |
|
Regulatory fees |
|
|
307,060 |
|
|
|
348,427 |
|
|
|
250,424 |
|
|
|
264,625 |
|
|
|
227,260 |
|
Other
operating |
|
|
1,051,871 |
|
|
|
1,351,527 |
|
|
|
1,329,084 |
|
|
|
879,652 |
|
|
|
849,059 |
|
Total
noninterest expense |
|
|
8,375,437 |
|
|
|
8,641,506 |
|
|
|
8,526,805 |
|
|
|
7,950,794 |
|
|
|
8,009,741 |
|
Net
income before income tax expense |
|
|
284,890 |
|
|
|
4,422,904 |
|
|
|
3,151,504 |
|
|
|
3,635,690 |
|
|
|
2,380,090 |
|
Income
tax (benefit) expense |
|
|
(47,168 |
) |
|
|
1,495,445 |
|
|
|
1,042,282 |
|
|
|
1,159,438 |
|
|
|
796,245 |
|
Net
income |
|
$ |
332,058 |
|
|
$ |
2,927,460 |
|
|
$ |
2,109,222 |
|
|
$ |
2,476,252 |
|
|
$ |
1,583,845 |
|
Weighted
average shares - basic |
|
|
11,210,948 |
|
|
|
11,194,534 |
|
|
|
8,792,665 |
|
|
|
8,682,438 |
|
|
|
8,628,683 |
|
Weighted
average shares - diluted |
|
|
12,784,117 |
|
|
|
12,787,677 |
|
|
|
10,799,536 |
|
|
|
10,675,916 |
|
|
|
10,572,194 |
|
Net
income per share, basic |
|
$ |
0.03 |
|
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.29 |
|
|
$ |
0.18 |
|
Net
income per share, diluted |
|
|
0.03 |
|
|
|
0.23 |
|
|
|
0.20 |
|
|
|
0.23 |
|
|
|
0.15 |
|
Balance Sheet
Data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
60,038,626 |
|
|
$ |
80,110,806 |
|
|
$ |
73,450,735 |
|
|
$ |
97,546,046 |
|
|
$ |
76,706,579 |
|
Securities available for sale |
|
|
188,516,087 |
|
|
|
182,354,987 |
|
|
|
167,213,109 |
|
|
|
171,336,596 |
|
|
|
189,807,985 |
|
Securities held to maturity |
|
|
46,854,518 |
|
|
|
46,863,640 |
|
|
|
46,227,968 |
|
|
|
43,331,042 |
|
|
|
42,953,364 |
|
Loans
held for sale |
|
|
35,370,814 |
|
|
|
42,110,581 |
|
|
|
61,251,662 |
|
|
|
57,014,256 |
|
|
|
29,530,174 |
|
Total
loans and leases |
|
|
1,003,433,910 |
|
|
|
935,250,703 |
|
|
|
924,030,515 |
|
|
|
887,437,485 |
|
|
|
837,690,395 |
|
Allowance
for loan and lease losses |
|
|
(13,996,869 |
) |
|
|
(11,633,531 |
) |
|
|
(11,510,464 |
) |
|
|
(10,453,603 |
) |
|
|
(10,298,559 |
) |
Total
assets |
|
|
1,381,702,597 |
|
|
|
1,333,675,063 |
|
|
|
1,318,057,325 |
|
|
|
1,310,417,841 |
|
|
|
1,223,179,646 |
|
Non-interest-bearing deposits |
|
|
223,449,870 |
|
|
|
197,787,618 |
|
|
|
191,469,462 |
|
|
|
193,541,662 |
|
|
|
220,686,364 |
|
Interest-bearing deposits |
|
|
934,545,319 |
|
|
|
930,934,634 |
|
|
|
944,590,330 |
|
|
|
949,759,113 |
|
|
|
865,650,400 |
|
Federal
Home Loan Bank advances |
|
|
75,000,000 |
|
|
|
55,000,000 |
|
|
|
30,000,000 |
|
|
|
40,000,000 |
|
|
|
15,000,000 |
|
Total
liabilities |
|
|
1,241,491,175 |
|
|
|
1,194,467,666 |
|
|
|
1,179,630,825 |
|
|
|
1,196,099,660 |
|
|
|
1,112,320,842 |
|
Shareholders' equity |
|
|
140,211,422 |
|
|
|
139,207,396 |
|
|
|
138,426,500 |
|
|
|
114,318,181 |
|
|
|
110,858,804 |
|
Total
shares of common stock outstanding |
|
|
11,218,328 |
|
|
|
11,204,515 |
|
|
|
11,191,021 |
|
|
|
8,683,902 |
|
|
|
8,677,902 |
|
Total
shares of preferred stock outstanding |
|
|
878,049 |
|
|
|
878,049 |
|
|
|
878,049 |
|
|
|
1,609,756 |
|
|
|
1,609,756 |
|
Book
value per share of common stock |
|
|
11.70 |
|
|
|
11.62 |
|
|
|
11.57 |
|
|
|
11.26 |
|
|
|
10.87 |
|
Market
value per share of common stock (1) |
|
|
19.07 |
|
|
|
21.96 |
|
|
|
16.92 |
|
|
|
- |
|
|
|
- |
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
risk based capital |
|
|
12.13 |
% |
|
|
12.60 |
% |
|
|
12.45 |
% |
|
|
10.67 |
% |
|
|
11.26 |
% |
Tier 1
risk based capital |
|
|
11.01 |
% |
|
|
11.61 |
% |
|
|
11.46 |
% |
|
|
9.73 |
% |
|
|
10.26 |
% |
Common
equity tier 1 capital |
|
|
10.32 |
% |
|
|
10.90 |
% |
|
|
10.75 |
% |
|
|
8.34 |
% |
|
|
8.75 |
% |
Leverage |
|
|
10.37 |
% |
|
|
10.46 |
% |
|
|
10.47 |
% |
|
|
8.90 |
% |
|
|
9.16 |
% |
|
(1) CapStar Financial Holdings, Inc. completed its initial public
offering during the third quarter of 2016. As such, market
values per share of common stock are not provided for previous
periods. |
|
This information is preliminary and based on company data available
at the time of the presentation. |
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYSelected Quarterly Financial Data
(unaudited)First Quarter 2017 Earnings
Release |
|
|
Five Quarter Comparison |
|
|
|
3/31/17 |
|
|
12/31/16 |
|
|
9/30/16 |
|
|
6/30/16 |
|
|
3/31/16 |
|
Average Balance
Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
cash and cash equivalents |
|
$ |
58,925,144 |
|
|
$ |
66,757,676 |
|
|
$ |
55,054,076 |
|
|
$ |
56,458,924 |
|
|
$ |
67,706,162 |
|
Average
investment securities |
|
|
237,084,429 |
|
|
|
226,032,691 |
|
|
|
218,462,999 |
|
|
|
232,587,954 |
|
|
|
220,281,801 |
|
Average
loans held for sale |
|
|
28,359,188 |
|
|
|
52,483,255 |
|
|
|
63,640,373 |
|
|
|
43,055,160 |
|
|
|
29,798,738 |
|
Average
loans and leases |
|
|
974,349,816 |
|
|
|
938,887,232 |
|
|
|
918,301,556 |
|
|
|
873,984,373 |
|
|
|
822,111,590 |
|
Average
assets |
|
|
1,340,236,730 |
|
|
|
1,324,620,495 |
|
|
|
1,296,870,515 |
|
|
|
1,247,076,866 |
|
|
|
1,181,427,683 |
|
Average
interest bearing deposits |
|
|
933,328,122 |
|
|
|
942,922,989 |
|
|
|
944,794,017 |
|
|
|
909,027,610 |
|
|
|
837,952,639 |
|
Average
total deposits |
|
|
1,143,636,485 |
|
|
|
1,138,778,930 |
|
|
|
1,132,037,604 |
|
|
|
1,093,452,418 |
|
|
|
1,027,457,215 |
|
Average
Federal Home Loan Bank advances |
|
|
43,836,734 |
|
|
|
33,478,261 |
|
|
|
29,565,217 |
|
|
|
27,417,582 |
|
|
|
28,021,978 |
|
Average
liabilities |
|
|
1,198,685,795 |
|
|
|
1,185,091,445 |
|
|
|
1,179,480,497 |
|
|
|
1,134,506,177 |
|
|
|
1,070,607,967 |
|
Average
shareholders' equity |
|
|
141,550,935 |
|
|
|
139,529,051 |
|
|
|
117,390,018 |
|
|
|
112,570,689 |
|
|
|
110,819,715 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
|
0.10 |
% |
|
|
0.88 |
% |
|
|
0.65 |
% |
|
|
0.80 |
% |
|
|
0.54 |
% |
Annualized return on average equity |
|
|
0.95 |
% |
|
|
8.35 |
% |
|
|
7.15 |
% |
|
|
8.85 |
% |
|
|
5.75 |
% |
Net
interest margin |
|
|
3.12 |
% |
|
|
3.17 |
% |
|
|
3.23 |
% |
|
|
3.09 |
% |
|
|
3.18 |
% |
Annualized Non-interest income to average assets |
|
|
0.65 |
% |
|
|
0.89 |
% |
|
|
0.98 |
% |
|
|
0.83 |
% |
|
|
0.81 |
% |
Efficiency ratio |
|
|
69.4 |
% |
|
|
65.8 |
% |
|
|
64.0 |
% |
|
|
67.6 |
% |
|
|
70.7 |
% |
Loans by
Type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
420,825,316 |
|
|
$ |
379,619,518 |
|
|
$ |
389,717,893 |
|
|
$ |
389,087,927 |
|
|
$ |
381,548,046 |
|
Commercial real estate - owner occupied |
|
|
92,213,135 |
|
|
|
106,734,888 |
|
|
|
108,920,619 |
|
|
|
104,345,021 |
|
|
|
104,243,080 |
|
Commercial real estate - non-owner occupied |
|
|
268,741,865 |
|
|
|
195,586,977 |
|
|
|
163,625,512 |
|
|
|
171,426,074 |
|
|
|
161,466,867 |
|
Construction and development |
|
|
74,006,891 |
|
|
|
94,491,256 |
|
|
|
91,366,437 |
|
|
|
63,744,151 |
|
|
|
52,479,785 |
|
Consumer
real estate |
|
|
99,952,470 |
|
|
|
97,014,959 |
|
|
|
96,918,661 |
|
|
|
91,090,508 |
|
|
|
90,393,165 |
|
Consumer |
|
|
4,494,573 |
|
|
|
5,974,465 |
|
|
|
7,045,978 |
|
|
|
7,486,178 |
|
|
|
8,291,223 |
|
Other |
|
|
43,983,239 |
|
|
|
56,795,954 |
|
|
|
67,805,899 |
|
|
|
61,669,965 |
|
|
|
40,698,880 |
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan and lease losses to total loans |
|
|
1.39 |
% |
|
|
1.24 |
% |
|
|
1.25 |
% |
|
|
1.18 |
% |
|
|
1.23 |
% |
Allowance
for loan and lease losses to non-performing loans |
|
|
103 |
% |
|
|
321 |
% |
|
|
279 |
% |
|
|
179 |
% |
|
|
184 |
% |
Nonaccrual loans |
|
$ |
13,623,534 |
|
|
$ |
3,619,422 |
|
|
$ |
4,122,942 |
|
|
$ |
5,829,423 |
|
|
$ |
5,586,503 |
|
Troubled
debt restructurings |
|
|
1,255,651 |
|
|
|
1,271,897 |
|
|
|
1,288,324 |
|
|
|
- |
|
|
|
- |
|
Loans -
90 days past due and accruing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
non-performing loans |
|
|
13,623,534 |
|
|
|
3,619,422 |
|
|
|
4,122,942 |
|
|
|
5,829,423 |
|
|
|
5,586,503 |
|
OREO and
repossessed assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
non-performing assets |
|
|
13,623,534 |
|
|
|
3,619,422 |
|
|
|
4,122,942 |
|
|
|
5,829,423 |
|
|
|
5,586,503 |
|
Non-performing loans to total loans |
|
|
1.36 |
% |
|
|
0.39 |
% |
|
|
0.45 |
% |
|
|
0.66 |
% |
|
|
0.67 |
% |
Non-performing assets to total assets |
|
|
0.99 |
% |
|
|
0.27 |
% |
|
|
0.31 |
% |
|
|
0.44 |
% |
|
|
0.46 |
% |
Non-performing assets to total loans and OREO |
|
|
1.36 |
% |
|
|
0.39 |
% |
|
|
0.45 |
% |
|
|
0.66 |
% |
|
|
0.67 |
% |
Annualized net charge-offs to average loans |
|
|
0.43 |
% |
|
|
-0.02 |
% |
|
|
0.25 |
% |
|
|
0.01 |
% |
|
|
0.38 |
% |
Net
charge-offs (recoveries) |
|
$ |
1,041,460 |
|
|
$ |
(53,183 |
) |
|
$ |
581,809 |
|
|
$ |
27,819 |
|
|
$ |
770,386 |
|
Interest Rates
and Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
4.24 |
% |
|
|
4.32 |
% |
|
|
4.36 |
% |
|
|
4.24 |
% |
|
|
4.39 |
% |
Securities |
|
|
2.37 |
% |
|
|
2.19 |
% |
|
|
2.10 |
% |
|
|
2.15 |
% |
|
|
2.27 |
% |
Total
interest-earning assets |
|
|
3.77 |
% |
|
|
3.74 |
% |
|
|
3.79 |
% |
|
|
3.66 |
% |
|
|
3.77 |
% |
Deposits |
|
|
0.67 |
% |
|
|
0.57 |
% |
|
|
0.58 |
% |
|
|
0.59 |
% |
|
|
0.61 |
% |
Borrowings and repurchase agreements |
|
|
1.30 |
% |
|
|
2.32 |
% |
|
|
1.25 |
% |
|
|
1.31 |
% |
|
|
1.23 |
% |
Total
interest-bearing liabilities |
|
|
0.85 |
% |
|
|
0.74 |
% |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
0.76 |
% |
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time
equivalent employees |
|
168 |
|
|
170 |
|
|
168 |
|
|
166 |
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation. |
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYAnalysis of Interest Income and Expense,
Rates and Yields (unaudited) (dollars in
thousands)First Quarter 2017 Earnings
Release |
|
|
For the Three Months Ended
March 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1) |
|
$ |
974,350 |
|
|
$ |
10,194 |
|
|
|
4.24 |
% |
|
$ |
822,112 |
|
|
$ |
8,976 |
|
|
|
4.39 |
% |
Loans
held for sale |
|
|
28,359 |
|
|
|
273 |
|
|
|
3.91 |
% |
|
|
29,799 |
|
|
|
292 |
|
|
|
3.94 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
investment securities (2) |
|
|
181,647 |
|
|
|
1,079 |
|
|
|
2.38 |
% |
|
|
177,563 |
|
|
|
968 |
|
|
|
2.18 |
% |
Investment securities exempt from federal income tax (3) |
|
|
55,437 |
|
|
|
326 |
|
|
|
2.35 |
% |
|
|
42,719 |
|
|
|
282 |
|
|
|
2.64 |
% |
Total
securities |
|
|
237,084 |
|
|
|
1,405 |
|
|
|
2.37 |
% |
|
|
220,282 |
|
|
|
1,250 |
|
|
|
2.27 |
% |
Cash
balances in other banks |
|
|
48,041 |
|
|
|
105 |
|
|
|
0.88 |
% |
|
|
56,427 |
|
|
|
76 |
|
|
|
0.54 |
% |
Funds
sold |
|
|
1,729 |
|
|
|
2 |
|
|
|
0.54 |
% |
|
|
2,703 |
|
|
|
4 |
|
|
|
0.62 |
% |
Total interest-earning
assets |
|
|
1,289,563 |
|
|
|
11,979 |
|
|
|
3.77 |
% |
|
|
1,131,323 |
|
|
|
10,598 |
|
|
|
3.77 |
% |
Noninterest-earning assets |
|
|
50,674 |
|
|
|
|
|
|
|
|
|
|
|
50,105 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,340,237 |
|
|
|
|
|
|
|
|
|
|
$ |
1,181,428 |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
330,627 |
|
|
|
617 |
|
|
|
0.76 |
% |
|
$ |
203,283 |
|
|
|
302 |
|
|
|
0.60 |
% |
Savings
and money market deposits |
|
|
434,375 |
|
|
|
815 |
|
|
|
0.76 |
% |
|
|
445,891 |
|
|
|
732 |
|
|
|
0.66 |
% |
Time
deposits |
|
|
168,326 |
|
|
|
471 |
|
|
|
1.13 |
% |
|
|
188,778 |
|
|
|
514 |
|
|
|
1.10 |
% |
Total
interest-bearing deposits |
|
|
933,328 |
|
|
|
1,903 |
|
|
|
0.83 |
% |
|
|
837,952 |
|
|
|
1,548 |
|
|
|
0.74 |
% |
Borrowings and repurchase agreements |
|
|
45,115 |
|
|
|
144 |
|
|
|
1.30 |
% |
|
|
30,798 |
|
|
|
94 |
|
|
|
1.23 |
% |
Total interest-bearing
liabilities |
|
|
978,443 |
|
|
|
2,047 |
|
|
|
0.85 |
% |
|
|
868,750 |
|
|
|
1,642 |
|
|
|
0.76 |
% |
Noninterest-bearing deposits |
|
|
210,308 |
|
|
|
|
|
|
|
|
|
|
|
189,505 |
|
|
|
|
|
|
|
|
|
Total funding
sources |
|
|
1,188,751 |
|
|
|
|
|
|
|
|
|
|
|
1,058,255 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
9,935 |
|
|
|
|
|
|
|
|
|
|
|
12,353 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
141,551 |
|
|
|
|
|
|
|
|
|
|
|
110,820 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
1,340,237 |
|
|
|
|
|
|
|
|
|
|
$ |
1,181,428 |
|
|
|
|
|
|
|
|
|
Net interest spread
(4) |
|
|
|
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
|
|
3.01 |
% |
Net interest
income/margin (5) |
|
|
|
|
|
$ |
9,932 |
|
|
|
3.12 |
% |
|
|
|
|
|
$ |
8,956 |
|
|
|
3.18 |
% |
|
(1) Average loan balances include nonaccrual loans. Interest
income on loans includes amortization of deferred loan fees, net of
deferred loan costs. |
(2) Taxable investment securities include restricted equity
securities. |
(3) Balances for investment securities exempt from federal income
tax are not calculated on a tax equivalent basis. |
(4) Net interest spread is the average yield on total average
interest-earning assets minus the average rate on total average
interest-bearing liabilities. |
(5) Net interest margin is net interest income divided by total
average interest-earning assets and is presented in the table above
on an annualized basis. |
|
This information is preliminary and based on company data available
at the time of the presentation. |
Rob Anderson
Chief Financial Officer and Chief Administrative Officer
(615) 732-6470
CapStar Financial (NASDAQ:CSTR)
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